A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only.
B. aggregate demand curve only.
C. aggregate demand curve, and the short-run aggregate supply curve would shift in response.
D. short-run aggregate supply curve and the long-run aggregate supply curve.
Answer: A
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If all income is consumed in a year, then
A) income next year will increase. B) investment spending will be zero. C) any investment spending will be done by the government. D) investment spending will increase.
According to the graph shown, if Q2 units are being produced, this monopolist:
This graph shows the cost and revenue curves faced by a monopoly.
A. is not maximizing profits.
B. is producing where marginal costs are less than marginal revenue.
C. is earning negative profits.
D. should increase production.
An increase in the federal minimum wage will shift the long-run aggregate supply curve to the left
a. True b. False Indicate whether the statement is true or false
The best example of a nondurable good is
a. a television set b. carpeting c. a washing machine d. an electric saw e. a pair of children's shoes